3 Things Cryptocurrency Needs To Succeed

Have you jumped on the cryptocurrency rollercoaster? Even if you’re not on the ride, chances are you’ve been a spectator. At its inception in 2008, Bitcoin — the first and most prominent cryptocurrency — was created as “a peer-to-peer electronic cash system.” Before this, no one thought that creating a decentralized currency was possible, but here we are ten years later, debating whether cryptocurrency has the potential to be the money of the future.

To discuss the future of cryptocurrency, PluggedIn BD assembled a collection of industry leaders in our latest panel. A volatile market and unrelenting publicity have thrust cryptocurrency into the spotlight, making this the perfect time for us to ask what the experts see for the future of this so-called “21st-century unicorn.”

1. Regulation

Perhaps the most popular theme of the discussion was regulation. As one participant quipped, “2018 is the year of regulation.” For a while, some believed that this was something that couldn’t be regulated, but the last few months have proved that is certainly not the case. Even as the regulatory “turf war” between government departments heats up and chaos ensues within the market, many agree that this is what is needed to steer the industry in the right direction.

With regulation, there will be a focus on the fundamentals — looking at what a business is doing, how it will be sustainable and how to go to market with coins and tokens. It will force many to adopt more traditional business models. Jamie Rakover of Investing.com also argues that once the industry is broken down from the very broad definition it holds today, it will become easier to regulate. As for accomplishing this all in one year? Most are skeptical but feel the government sees the importance in the advancement of this industry.

2. Leadership

The world of cryptocurrency and blockchain has been described as the “Wild West” by some. It’s an industry with potentially game-changing technology and very few products. Which is why there is a great need for entrepreneurs — a need for the Elon Musks and Mark Zuckerbergs of the world to start building products and services designed around the technology. It is starving for real business cases. Having leadership and figureheads in the space will bring the credibility, accessibility, and understanding that it is currently lacking.

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Currency Trader 2 years ago Member's comment

It all comes down to regulation, regulation, regulation. Everything else doesn't matter much.